Republic reports 2011 net loss

Republic Airways Holdings has reported full year 2011 revenues of $2.86 billion, compared with $2.65 billion for 2010, leading to a net loss for the year of $151.8 million compared with a net loss of $13.8 million for the full year 2010.

Excluding items reported during the year, Republic reported net income of $6.0 million compared with an ex-item result of $32.3 million for 2010.

In the fixed-fee segment, excluding fuel reimbursement from its partners, service revenues increased by $13.8 million, or 1.4% for the full year 2011 due to a 1.5% increase in block hours. Income before taxes, ex-items, was $77.0 million for the full year 2011 compared with an ex-item result of $84.1 million for 2010. The decrease in ex-item pre-tax income was mainly due to increased maintenance expenses on 50-seat regional jets.

In Republic’s branded segment, total revenues for the year for Frontier were $1.76 billion, up 10.0% from 2010’s $1.60 billion on 1.1% fewer ASMs. Excluding items, Frontier reported a pre-tax loss of $70.4 million in 2011, compared with a pre-tax loss of $29.8 million in 2010.

Frontier fuel costs were approximately $718 million for the year, up 31%, or approximately $170 million from the 2010 level, on 8.1% fewer block hours.

Republic’s ‘Other Business’ segment, including revenues from aircraft subleases, slot rentals and expenses associated with those activities, reported an ex-item pre-tax profit of $2.9 million in 2011.

The company’s total cash balance decreased $59.6 million to $370.7 million as of 31 December 2011, compared with 31 December 2010. Meanwhile the company’s debt decreased to $2.36 billion as of 31 December 2011, compared with $2.58 billion at 31 December 2010.